Leading SaaS Provider for Service Businesses Announces Explosive Year-Over-Year Revenue Growth, Driving New Investments and Launch of Innovative Suite of Financial Offerings
HOLMDEL, NJ , April 26, 2022 /PRNewswire/ — WorkWave®a leading provider of SaaS software solutions that support every stage of a service business’s lifecycle, propelled through Q1 2022 with exponential revenue growth of 195% overall from a year-over-year (YOY) and dramatic software revenue growth of 181%.
WorkWave started the year on the heels of a year of extraordinary growth in 2021, continuing to accelerate in 2022. Its strong growth is the result of a combination of initiatives, including:
- Continuous progress and relentless focus on releasing robust features and easy-to-use solutions, including the launch of TEAM Lite, a solution designed for growth-oriented small cleaning businesses
- The impact of a new Chief Revenue Officer and revamped sales team in the second half of 2021, leading to improved sales execution and reservations performance
- Further merge its multiple acquisitions beginning in 2021, expanding WorkWave’s offerings and market leadership in key service industries
- The continued success of its payments-related functionality, which enabled WorkWave to begin offering its new WorkWave financial services instruments
“The success we are seeing now is just a first glimpse of the new level of performance we will achieve thanks to the intense work carried out over the past few years,” said David F. Giannetto, CEO of WorkWave. “We believe we have built a new business model indicative of how SaaS software vendors will operate in the future, combining the strength of their close and essential software-driven customer relationship with the power of financial solutions, so that their customers can collectively in ways that they could not individually And we find that our customers appreciate not only this approach, but also the strength of our commitment to be the best possible partner to help their business grow and succeed, regardless of their size or goals.”
WorkWave is seeing the results of its strong partnership with its customers, with 96% growth in new customers since Q1 2021 and a net retention rate of 127%. The first quarter also marked the official release of WorkWave Financial Services, a collection of financial offers designed specifically to help WorkWave customers grow their business and maximize their money. As part of this new offering, WorkWave has launched its Business Builder Visa credit card, specifically designed to help small businesses build a solid credit score in their company’s name, positioning them for success for generations to come.
Another indication of support, in March, Hg, a major investor in software and services, became a significant minority shareholder in WorkWave and IFS, WorkWave’s sister company, in a transaction that valued the combined WorkWave/IFS fund at 10 billion US dollars. EQT remains the majority shareholder, with Hg, Serent and TA Associates as significant minority shareholders in WorkWave.
“Having the right partners to support us has been key to reinventing WorkWave. This has allowed us to take a broader view where software is at the center of everything we do, with additional software, services and financial solutions enabling our customers to think bigger. new levels of growth, service and profitability. And we are still only at the beginning of what we are capable of,” said Giannetto.
WorkWave saw 344% year-over-year employee growth, while continuing to focus on scaling across all departments to support its rapid growth.
For nearly 40 years, WorkWave has incorporated best practices into its industry-leading field service and last mile software solutions to enable best-in-class companies to grow their business, serve their customers, and maximize their money. Its solutions enable service-oriented businesses to reach their full potential through scalable, cloud-based software solutions that support every stage of a business’s lifecycle, including marketing, sales, delivery services, customer interaction and financial transactions. WorkWave is a trusted partner to thousands of customers in a wide variety of industries, including pest control, lawn care, cleaning, HVAC, plumbing and electrical, and last mile delivery . WorkWave’s culture and award-winning solutions have been recognized at the SaaS Awards, Cloud Awards, American Business Awards, NJBIZ Best Places to Work Awards, and Stevie Awards for Great Employers. For more information, visit workwave.com.
Director of Strategic Communications, WorkWave
E-mail: [email protected]